Shares of China Unicom (Hong Kong) reached a two-year high in early trading before falling sharply a day after the mainland's second-largest telecommunications network operator expanded its strategic alliance with Spanish carrier Telefonica.

TPG Capital's Asian unit sold the remainder of its stake in Ping An Insurance (Group), the mainland's second-biggest insurer, raising HK$9.1 billion, reaping big profits after a six-year investment in the country's financial industry.

Newbridge Capital sold all its 139.1 million H shares at HK$65.30 each, which is 1.5 per cent lower than the last closing price.

China National Building Material Group (CNBM) overtook Anhui Conch as the nation's biggest cement producer in the first half of the year and said it will continue expanding cement production capacity in the next few years, despite warnings of oversupply from analysts.

Online media giant Sina Corp will intensify efforts to build up users and applications on Weibo, its Twitter-like mini-blogging service, amid rising demand from advertisers to use the social-networking platform.

Regulatory and law-enforcement agencies are looking into the cancelled sales of flats in a luxury Mid-Levels project that the developer said in October last year had fetched prices of up to a world-record HK$88,000 a square foot.

Last year saw yet more proof that swimming against the tide pays. With the year starting out on a bearish note, still reeling from the global credit crisis, it is no surprise that defensive stocks were the order of the day.

Jazz guitarist Martin Taylor, who will perform at benefit concerts in Hong Kong this week, is best known for his dazzling unaccompanied solo performances but some of his best playing has been inspired by interaction with other musicians.

Shares in Kingboard Chemical surged more than 10 per cent yesterday after the producer of printed circuit boards said it would spin off its coke and coke-related chemical unit on the Hong Kong stock exchange.